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Contractingtriangle

RCL | Contracting Triangle Wave Correction ABCDEPrice action and chart pattern trading setup > Contracting triangle wave correction ABCDE ending estimated at just above SMA400 > Long trading at lower triangle support and / or A position > 1st Target at 0.5 fibonacci retracement at upper triangle resistance. > Risk reward ratio at 2:1 for medium term trade. > Stop loss at SMA400 Indicator: > Smart money and banker chip volume support at A and C positions. > Fund flow RSI still in the oversold zone, wait for the rebound. > BBD signal crossing up the baseline > KDJ stochastic in downtrend ribbon, wait for the upswing for entry. Always trade with affordable risk and respect your stoploss
SET:RCLLong
by dukeposh
REQ Contrating Triangle 4H Chart LONGHello everyone, On the Request Network (REQ) 4H chart, price has been stuck between the horizontal support and the diagonal resistance for a long time. First of all, the price will break the diagonal resistance in the very near future, and then not surprisingly, it can be expected to retest this line. Initial buy can be made at current levels or by retesting the diagonal resistance. However, it should not be ignored that the price bounces off the lower horizontal support (0.3699) in this process. If this happens, the average can be lowered by buying again at 0.3699. Profit levels are 0.4316 and 0.5143. Please sell gradually while you take your profit. However, the stop-loss area shown on the graph with the purple rectangle should be taken into account, as risk management should always be acted upon. Do not forget to put a stop-loss at a point between 0.3000 and 0.3387, which will give flexibility of movement to the price depending on your own risk management. Farewell
Long
by Victorinox1884
4
ALICE Short Term LongHello everyone, A contracting triangle is forming on the 4H chart of ALICEUSDT. It is likely that the falling diagonal resistance will be broken first, (the price may also break the rising diagonal support at the bottom!) and then it will rise to the resistance at an upper point (around 14.10). Approximately 10-12% movement can be observed. Be sure to consider the stop buffer zone indicated at the bottom as a purple rectangle. Have a nice day.
Short
by Victorinox1884
1
Solana Analyze (Road Map)!!!🗺️Hi everyone, I came back today with one of the 🔥 Hottest 🔥 coins that we saw these days. The name of this coin is Solana , I want to find the end of this trend and if you have this coin, the time for taking profit has come (step by step). where is the end of this beautiful rally? , I tried to find an answer to this question with Elliott waves . Solana Analyze ( SOLUSDT ) Timeframe Daily ⏰ Location🌊 : Solana has started new 5 impulsive waves at 1.030$ 😱. it passed the Main wave 1 at 18.20$ and then start to make the Main wave 2 (The end of the Main wave 2 was at 12.3$ ). The Main wave 3 was ended at 58.38$ and then Solana passed the Main wave 4 by the Regular Contracting Triangle (The end of the Main wave 4 was at 24.98$ ). Now Solana is running on Main wave 5 (the end of the first 5 impulsive waves) and if I want to say more accurately, probably, Currently , Solana is on microwave 4 of Main wave 5 . microwave 4 of main wave 5 can end at around 58.8$ ( 38.2% retrace from microwave 3 of Main wave 5 ). Where is the End of Main Wave 5 ( My Aim 🎯)? If wave 5 wasn't extended , the end of the main wave 5 can be at 76$-73$ + My TRZ ( Time Reversal Zone ) ⏰(you can find these Zones on my chart). My Suggestion : if you have Solana , you have to think about taking profit from them Soon / if you don't have coins, Don't be FOMO , probably time will give you another chance 👍😉. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
by pejman_zwin
26
KLCI what next after 33% affluent tax? 1/Nov/21KLCI future index is on its last leg to complete wave (E) ( Cyan /Light Blue).. The last leg of bullish contracting triangle correction. Price will rebound soon as price now close to :- 1) Volume Profile ( POC) ( Point of Control) at around 1517 AND 2) Daily Demand Zone (Cyan Rectangle Box).. 3) Dynamic cycle 4 ( cyan/light blue) reached soon 4) There is a selling Climax Signal from VSA ( Volume Spread Analysis ) on 4 hours Time Frame Chart ..
MYX:FKLI1!
by SteveTan
1
QNTUSDCOINBASE:QNTUSD Contracting triangle that's been simmering for a while now. Saw spurts of positive price action today, followed by long lulls, as if it was presaging joyful tidings, but not before many comedowns. Several indicators of significance point to explosive price action upwards in the coming day or days. First, volume has picked up considerably, jumping to 67 from 40k QNTs traded yesterday vs. the day before; it will probably pick up more today as more people trade this oscillation. Next, the MACD (blue) line crossed up the orange signal line on the daily just before midnight UTC. This means the 12-day exponential moving average has now surpassed the 26-day, suggesting bullish near-term sentiment. The last time this happened with QNT, on the 4th of September, its price opened at ≈$187 that day and closed at $223, which alone represents a 20% gain. Yesterday we opened at 291 and closed at 312, representing a 7% increase (the high of $320 represents a 10% gain). Not as jaw-dropping, but the price today is a lot higher than a month ago. The rally didn't stop there; it continued over the next almost 2 weeks, which ultimately saw its price appreciate all the way to $428 a week later on the 11th before the MACD line crossed back down the signal line at $346, on the 17th. Even if you waited that long to cash out, you'd have earned a nice chunk of change--almost twice your initial investment (85% gain more precisely). Last but not least, I sold $2000 of CRV to swap for this token when it was @ $4.11, and QNT was $317, lol. So it better provide damn good returns. The upshot? Be patient with this one! If you bought some today, hold it for a couple days at least if you don't see immediate great dividends. Trade the trend, and believe in them triangles, as I like to say. Peace and crabs. -T
COINBASE:QNTUSDLong
by oftenbach
3
QNTUSD: Price surge incoming?COINBASE:QNTUSD Signs this is so: Contracting triangle that's been simmering for a while now. Spurts of positive price action yesterday, followed by extended lulls, as if to presage joyful tidings, but not before playing you with a couple of dicey-looking comedowns. Several indicators of significance point to explosive price action upwards in the coming day or days. First, volume has picked up considerably, jumping to 67 from 40k QNTs traded yesterday vs. the day before; it will probably pick up more today as more people trade this oscillation. Next, the MACD (blue) line crossed up the orange signal line on the daily just before midnight UTC. This means the 12-day exponential moving average has now surpassed the 26-day, suggesting bullish near-term sentiment. The last time this happened with QNT, on the 4th of September, its price opened at ≈$187 that day and closed at $223, which alone represents a 20% gain. Yesterday we opened at 291 and closed at 312, representing a 7% increase. We did reach an intraday high of $320, which is a 10% gain--not as jaw-dropping, but keep in mind that QNT's price is a lot higher today than a month ago. The rally didn't stop there; it continued over the next almost 2 weeks, which ultimately saw its price appreciate all the way to $428 a week later on the 11th before the MACD line crossed back down the signal line at $346, on the 17th. Even if you waited that long to cash out, you'd have earned a nice chunk of change--almost twice your initial investment (85% gain more precisely). Last but not least, I sold $2000 of CRV to swap for this token when it was @ $4.11, and QNT was $317, lol. So it better provide damn good returns. The upshot? Be patient with this one! If you bought some today, hold it for a couple days at minimum if you don't see immediate WOWzerz dividends. Trade the trend, and believe in them triangles, as I like to say. Based on price action from the last few days, I'd say a reasonable target TP1 would be $344. I've not stated this before, but I suppose I should make it known moving forward just so it doesn't look like I've provided an incomplete analysis every time I post one of these: I don't advise on stop-losses--sorry. Want to know why? Well, where the crypto space is at right now, you'll make your money back even if you lose big initially if you just hold long enough. So my feeling is just layer stop-losses before whatever price the breaching of which would be too much of a loss for you or the people who depend on you to absorb. Peace, love, and crabs. -T
COINBASE:QNTUSDLong
by oftenbach
3
Bitcoin Analyze (Counting Waves+Scenarios)!!!Hi, I Came back again with Bitcoin counting waves. still, I am believing that Bitcoin was able to pass Main wave B at 48800$, also, As I said in my previous post ''Bitcoin Analyze (Counting Waves at Timeframe 15min)!!!'',❗️Warning❗️: over 46822$, my counting waves will be fail. and NOW, my counting was failed (Normal, counting waves can change). So I tried to count again and find 2 Scenarios for these Days & Hours. I don't know that did you read my previous post about Bitcoin analysis or not !? if YES, please read this post, if NO, first please read my post with the topic''Bitcoin Analyze (Road Map)!!!🗺️''. Bitcoin Analyze ( BTCUSDT ) Timeframe 30 min⏰ Location🌊: Bitcoin was able to pass Main wave B at 48800$. now, I think that Bitcoin is resting time ⏰. after Main wave B, we save wave A that it had 3 microwaves (5-3-5 ZigZag), so the Corrective Structure of resting time can be (3-3-5 (Flat) =Scenario 1) or (3-3-3-3-3 (Triangle (probably Contracting Triangle)= Scenario 2). At the moment Bitcoin is running on wave B. we passed microwaves a & b of Wave B that they had 3 microwaves, so wave B is a flat correction (3-3-5). now we have to find the end of microwave 5 of microwave c of wave B. Tip: microwave 3 of microwave c of wave B is extended. If wave 3 is extended, then wave 1 and 5 are often nearly equal in magnitude and duration. If equality is lacking, a 61.8% relationship is next most likely. If microwave 1 and microwave 5 want to be equal in size, microwave 5 can continue up to 47413$ (Around the Current Price + TRZ). As result,47413$ can be one of the targets of the end of wave B. the end of wave B can continue until 48100$ or even 49100$. In addition: stochastic is showing the end of the movement 👇 When we can find and sure about the end of wave B, we will have 2 Scenarios : Scenario 1: Bitcoin will complete Flat Correction (3-3-5) and probably it will break our Heavy Support (43960-43770$) == Sign for starting Main Wave C. Scenario 2: Bitcoin will complete Triangle Correction (3-3-3-3-3), probably this triangle will be Contracting Triangle. My Suggestion: if you have Bitcoin, you have to think about taking profit from them Soon/ if you don't have coins, Don't be FOMO, probably time will give you another chance 👍😉/ If you find the end of wave B & triggers, then you can open Short Position. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
by pejman_zwin
26
Bitcoin Analyze (Counting Waves/Short Term)!!!Hi, This post is a help for the post with topic ''Bitcoin Analyze (Regular Contracting Triangle)!!!'' (Unfortunately, this post didn't publish in the General Section). Bitcoin Analyze ( BTCUSDT ) Timeframe 30min ⏰ Location 🌊: about the location of Bitcoin , please read my post with the topic ''Bitcoin Analyze (Two Descending Triangle )!!!'' . Bitcoin has started Corrective Structure on top of our Descending Channel , I tried to find the end of wave C . The end of wave C can be on Support Zones. . Also, we are 👀seeing👀 the end of pullback to the lower line of our Regular Contracting Triangle . Support Zones: Target 1 : 32600$-32520$ Target 2 : 32270$-32220$ Resistances Zones: Resistances Zones 1 : 33700$-33740$ Resistances Zones 1 : 34160$-34220$ My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly pivot point (35060$) , then we can think about opening Long positions for the Short-term . Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
Short
by pejman_zwin
20
Bitcoin Analyze (Regular Contracting Triangle)!!!Hi, today I want to talk about one of the standard Corrective waves structures: Regular Contracting Triangle . Bitcoin Analyze ( BTCUSDT ) Timeframe 1h ⏰ Location🌊: about the location of Bitcoin , please read my post with the topic ''Bitcoin Analyze (Two Descending Triangle )!!!'' . Regular Contracting Triangle : I think that Bitcoin flowed inside the Regular Contracting Triangle for about 12 days . Regular Contracting Triangle's Rules: wave B can retrace 61.8%-78.2% Wave A== it has complied.✅ wave C can retrace 61.8%-78.2% Wave B== it has complied.✅ wave B can retrace 61.8%-78.2% Wave D== it has complied.✅ wave D can retrace 61.8%-78.2% Wave E== it has complied.✅ a triangle consists of 5 corrective waves (ABCDE).= we can see 5 corrective waves on our chart == it has complied.✅ a triangle can only appear in the position of wave 4 of an impulse, wave B/X of zigzags and flats, wave Y of double three sideways corrections, or wave Z of triple three sideways corrections.== it has complied.✅ at least 4 of the 5 waves subdivide into zigzags . we have 4 Zig Zag waves == it has complied.✅ a triangle never has more than one complex wave . The complex wave within a triangle can only be a double/triple zig-zag or a triangle itself. we don't have a complex wave ==it has complied.✅ In contracting & barrier triangles, Wave C does not move beyond wave A, wave D does not move beyond wave B, and wave E does not move beyond wave C. This results in two converging trend lines forming as the triangle progresses. The main difference between a barrier triangle is that it creates a virtually horizontal trend line between points B and D ==it has complied.✅ as result , we have all rules on our Regular Contracting Triangle 👍 the price was able to break(trusty) the lower line of our Regular Contracting Triangle and also, the price is pulling back to our triangle. we can see a Bearish Bat Hamonic Pattern + Bearish AB=CD Harmonic Pattern on this pullback. I found Point D of our patterns (BAT&AB=CD) at TRZ ( Time Reversal Zone ). MACD Analyze: We have Hidden Divergence ( HD- ) between price and MACD until now.+ Sell Signal . 👉https://www.tradingview.com/x/9tf2fnVy/ RSI Analyze: RSI lost the Uptrend line.👉https://www.tradingview.com/x/lZ08YQtx/ Also, still, I am believing in Bitcoin Long-term Analyze ( Monthly Time frame)📆: Please read this post carefully ( I ❤️ LOVE ❤️ THIS POST(for Jun 9)😀)👉https://www.tradingview.com/chart/BTCUSDT/PTviG7sS-Bitcoin-Long-term-Analyze-Monthly-Time-frame/ My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly pivot point ( 35060$ ), then we can think about opening Long positions for the Short-term . Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
Short
by pejman_zwin
28
Bitcoin Analyze Time Frame 4H/ Contracting Triangle!!!HI, first I have to say thanks for likes my previous post🙏💐, I tried to explain Counting waves, Tweets, and how were Channels make! Bitcoin Analyze ( BTCUSDT ) Timeframe 4h ⏰ Location 🌊: If you want to know about my counting waves' Story, please look at my previous post (Topic''Bitcoin Analyze(Counting Waves+Channels+Tweets)!!!''). if you remember my previous post, I talked about BTC's location. my idea, we passed microwave 1 of microwave 5 of the Main wave C (End of Correction), and now we are on microwave 2 of microwave 5 of the Main wave C, the shape of this wave is Contracting Triangle. I was able to find points A-B-C, and we have to find other points like D and E(Probably E). points E and D are our critical points, we can see main movements at these points. About point C, I found it on TRZ ( Time Reversal Zone ) while we have a Bearish Stick Sandwich 🌭 Pattern too. To confirm point C , also we can check RSI , MACD , Stochastic , and ADX . MACD & RSI : we can see Hidden Divergence( HD- ) Between Price and MACD + Price and RSI until now. MACD 👉https://www.tradingview.com/x/IhyCxRjg/ RSI 👉https://www.tradingview.com/x/tpEMBbNr/ Stochastic : we can see the end of the movement.👉https://www.tradingview.com/x/hjdBeF4q/ ADX = 18.4 < 25 ( Over 25 , we can say the trend has started)== this movement was just a corrective movement (Point B until Point C ). Important Resistance zones & Support Zone on Bitcoin's way (Respectively): Resistance zones : The upper line of our Descending Triangle , price is fighting with this now. Resistance zones : 37596$ until 37267$ ( Yearly Support 1+ Cluster of Fibs ). Support Zone : 316200$ until 30000$ ( Support + Cluster of Fibs+ the lower line of Descending Triangle ). ❗️Alert❗️: If price breaks our triangle (to up), probably microwave 4 will be the complex type (WXY_WXYXZ). still, I am believing in Bitcoin Long-term Analyze ( Monthly Time frame )📆: Please read this post carefully ( I ❤️LOVE❤️THIS POST😀)👉 My Suggestion : please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. At least you can wait for breaking our Descending Triangle (to UP)/ Also If you find Triggers for Short positions , You can use them for the short term . Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe.
Short
by pejman_zwin
31
Ethereum Counting Waves!!!Hi everyone, we are watching 😕dull😕 days these days, especially for people that hold their Coins. I have to say, these days, most of the coins are on Corrective Structure , but I am trying to show u at least the Resistances and Supports that exist in front of coins. Location: ETH finished Main wave 3 at 4370$ (We saw a great rally on this wave), then it started the Main wave 4 . ETH is running on Main wave 4 ( Zig zag 5-3-5 ) for about 41 days, and I think that Main wave 4 will take more time from us . The microwave A has finished at 1866$ ( impulsive== 5 waves ). We passed from microwave B by Contracting Triangle . The end of microwave B was at 2847$ . Now, we have to find the end of microwave C of Main Wave 4. I was able to find microwaves 1 & 2 of microwave C , and I think that we are on microwave 3 of microwave C of MainWave 4 , right now. Also, I have to say that Microwave C can NOT go down less than 1406$ == Elliott's rules will be violated (Wave 4 and Wave 1 can not have overlap). The Microwave C can be finish like a leading expanding diagonal . In addition, probably microwave 4 of microwave C will Time correction (because microwave 2 of microwave C did price correction == This is not rule). I tried to show you our Resistance Zones & Suppor Zones that we have in front of Ethereum . Resistance zones on Ethereum's way : Resistance zone 1 : 2650$ until 2608$ ( Resistance + Cluster of Fibs ) == Light Resistance Resistance zone 2 : 2935$ until 2822$ ( Monthly Pivot Point + Cluster of Fibs + Resistance +Contracting Triangle's Target ) == Heavy Resistance Support zones on Ethereum's way : Support zone 1 : 2260$ until 2237$ ( Support + Cluster of Fibs ) == Light Support Support zone 2 : 2081$ until 2074$ ( Support + Yearly Resistance 4 ) == Medium Support Support zone 3 : 1900$ until 1865$ ( Support + Cluster of Fibs ) == Medium Support Support zone 4 : 1640$ until 1590$ ( Support + Cluster of Fibs + Yearly Resistance 3 ) == Heavy Support My Suggestion: please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ 'like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe. Good luck
by pejman_zwin
19
MATIC Analyze (Counting waves) !!!I want to publish my analysis about MATIC (MATICUSDT Timeframe 4h ⏰) on Tradingview (First time). Also,❤️ Matic ❤️ is one of my favorite Coins. Location : MATIC was able to pass the Main wave 3 at 2.7$ . Now, MATIC is running at Main wave 4 , and we have to find the end of microwave C of Main wave 4. The end of microwave A of the Main wave 4 was 0.74503$ and The end of microwave B of the Main wave 4 was 2.43832$ . where is the end of microwave C of Main wave 4 ❗️❓ For answering the above👆 question , I have 2 scenarios : Scenario 1 : When price arrives on our contracting triangle's lower line, if price increases and makes the start of our Main wave 5. So the end of Main wave 4 will be around the lower line of the triangle. pay attention, even price can go up from now and it breaks the upper line of our tringle.== Our Corrective Structure will be Contacting Triangle (3-3-3-3-3) . Scenario 2 : When price arrives on our contracting triangle's lower line, if Price can break the lower line of the triangle, the price will go down until My Targets⛳️ 1-2-3 (Probably) and my targets will Specify the end of the Main wave 4.== Our Corrective Structure will be Regular Flat (3-3-5) . Target 1 : Around 0.9679$ ( 88.6% Fib microwave A ). Target 2 : 0.80564$ until 0.74503$ ( 100% Fib microwave A + Monthly Support 1 ). Target 3 : 0.49088.$ until 0.48335$ ( 113% Fib microwave A + 100% EXP Fib microwave A ). Resistance zones on MATIC's way (Respectively): Resistance zone : 1.77$ until 1.72$ ( Resistance + Monthly Pivot Point ) == Medium Resistance Resistance zone : 1.95$ until 1.90$ ( Resistance + Cluster of Fibs )== Medium Resistance Resistance zone : 2.37$ until 2.28$ ( Resistance + Cluster of Fibs ) == Medium Resistance Resistance zone : 2.70$ until 2.64$ ( Resistance + Cluster of Fibs ) == MediumResistance My Suggestion : Pay attention to Scenario 1 and 2 and try to find the best Triggers for buying this amazing Coin. Do not forget to put Stop loss for your positions (For every position you want to open) Please follow your strategy , this is just my idea, and I will be glad to see your ideas on this post. Please do not forget the 'like' button :) & Share it with your friends, Thanks, and Trade safe. Good luck
M
by pejman_zwin
18
🔥 Bitcoin is on Contracting Triangle 🔥 (Road map)🧐First, I have to say sorry for the busy chart (BTCUSDT) , but my chart needed these lines . Please spend a few minutes on it.🙏 Location : BTC is on Corrective Structure ( Zig zag 5-3-5 ) for about 51 days (From 64795$ until LIVE price) and I think that this correction will take more time from us (maybe 2 months , just prediction ). My idea : still, BTC is on microwave 4 of Main wave C . as you know, one of the shapes of wave 4 is a triangle . I was able to find the 3 main points of the triangle A-B-C ( Contracting Triangle ). Point C has found with Bearish Gartley Harmonic Pattern + 78.6% Fibonacci (Point A ) until ( Point B ). For finding Point D , we have to concentrate on correcting microwaves (a-b-c) that are on the way to point D, I was able to find Bullish Crab Harmonic Pattern on the end of microwave a. microwave b can be around 37040$ or 37960$ . I think that Point D can be around 35698$ == 61.8% Fibonacci ( Point B ) until ( Point C ). I have three Scenario : Scenario 1 : when the price arrives to Point D , it can break the lower line of our triangle , and then the price starts to go down, so the end of microwave 4 of Main wave C was at Point C + microwave 5 of Main wave C has started. Scenario 2 : when the price arrives to Point D , then the price goes up until Point E . Point E can be a Critical Point for us (It is the end of microwave 4 of Main wave C ), better, I had to say that market will decide to go UP or DOWN ( UP will make my Scenario 3 // DOWN will make my Scenario 2 ). If the price goes DOWN at Point E , we can say that microwave 5 of Main wave C has started. Scenario 3 : when the price arrives to Point D , then the price goes up until Point E . Point E can be a Critical Point for us(It is the end of microwave 4 of Main wave C ), better, I had to say that market will decide to go UP or DOWN ( UP will make my Scenario 3 // DOWN will make my Scenario 2 ). If the price goes UP at Point E , we can say that BTC will go UP by 5 new impulsive waves . My Suggestion : please do not buy Coins for Midterm and Long-term investment until the market finds a way. Do not forget to put Stop loss for your positions (For every position you want to open) Please follow your strategy , this is just my idea, and I will be glad to see your ideas on this post. Please do not forget the 'like' button :) & Share it with your friends, Thanks, and Trade safe. Good luck
by pejman_zwin
41
LTC in contracting trianglePrimary idea is that LTC is currently in a D wave of a contracting triangle. A:C = 1:0.618 (perfect reaction) If this is to be a "textbook" example of a contracting triangle, the following should happen: - D wave should complete at 0.618 of B wave (B:D = 1:0.618... +10% from now, 155-156$ area) - There is some market structure that could provide resistance at this level - E wave should terminate somewhere in the internal range of the C wave (130-134$ area) - Also some market structure (not as strong) that could provide resistance. - After completing the triangle, make a new impulse to head towards next level of resistance (Feb '18, check daily or weekly time frame) If you like my ideas please hit like and follow. :) This is not financial advice.
by lkunej
BTC Wave E of Contracting Triangle Appears to be Underway Background: Triangles are sideways price action and a contracting triangle can be described as the top line (B to D) is declining and the bottom line (A to C to E) is rising. The corrective structure is labeled as ABCDE. Commentary: Yesterday, we posted that we appeared to be in Wave E of a contracting triangle on the minor degree, which would be invalidated with a close greater than 37,449. Today, we update the chart and consider that the daily candle made today may be the start of Wave E and not the day before. Although our previous invalidation point was not taken out, our new invalidation price would be a close greater than 38,874.71 Strategy Moving Forward: We will look for completion of Wave E and consider the next wave may be a larger move. We will also keep in mind the apex of the triangle for future price movement and look for signals to enter a test of the apex. Wave / Pattern Analysis: We are looking at the recent high of 42,000 USD as the completion of wave 5 on the minor degree and possibly wave 3 of the intermediate degree. We appear to be Wave E in a contracting triangle on the minor degree. Weekly Momentum: Weekly signal is still bearish Daily Momentum: Daily Momentum is still bearish Trade Signal: No daily signal was generated today. Summary: While we look for BTC to consolidate and go lower in the short term, we are not yet in a position to enter a trade.
BITSTAMP:BTCUSD
by tricor2000
2